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The value of payments on the automated clearing house network grew by more than $1 trillion in 2019 for the seventh straight year and transactions increased by more than 1 billion for the fifth consecutive year, ACH governing body Nacha reported Monday. Total payments came to 24.7 billion transactions, up …
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Payments 3.0: What is the Future of Privacy?
Privacy is one of the biggest issues facing payments. Individuals, businesses, and governments confront decisions on how data is gathered, stored and protected, and used. We all generate huge amounts of data every day as we shop online or in stores, browse the Web, or even just move around with …
Read More »Behind Visa’s $5.3 Billion Bet on Plaid
Visa Inc. and Mastercard Inc. have made it plain in recent years they’re interested in something much bigger than card payments. A few weeks ago, Visa underscored its own determination to be the network for the world’s payments economy by announcing it will lay out fully $5.3 billion to buy …
Read More »Visa Gets a Lift From E-Commerce, Contactless Payments, and Tokenization
Improved online payments, tokenization, and contactless transactions all gained ground in 2019’s last three months for Visa Inc. as the network’s payment volume grew 8% year-over-year. Visa reported total U.S. payment volume of $1.06 trillion in its first quarter of fiscal 2020 ended Dec. 31, a 7.8% increase from $980 …
Read More »eBay To Expand Payments Program and other Digital Transactions News briefs from 1/29/20
EBay Inc. plans to expand its managed-payments program dramatically starting in the second half of next year, officials said Tuesday. Introduced last year, the program depends on a gateway from Adyen NV and now operates in the United States and Germany. “We will go hard at not only the markets that we’re in …
Read More »The Apple Card Boosts iPhone Sales While Apple Pay Heads Toward 15 Billion Transactions
The Apple Pay mobile-payments service is generating 15 billion transactions a year, and Apple Inc.’s new Apple Card helped lift sales of the company’s flagship product, the iPhone, Apple chief executive Tim Cook said Tuesday. “For Apple Pay, revenue and transactions more than doubled year-over-year, with a run rate exceeding …
Read More »New York City Bans Cashless-Only Payments at Restaurants and Retailers
New York City became the third U.S. city to ban cashless-only payments in restaurants and stores with the passage Thursday of a measure to prohibit merchants from refusing to accept cash. San Francisco and Philadelphia have similar bans, as does the state of New Jersey. Originally proposed by New York …
Read More »Same-Day ACH Traffic Reaches 1 Million Daily Payments, Nacha Reports
Faster payments on the nation’s automated clearing house network reached a milestone in the fourth quarter, with each business day recording at least 1 million same-day transactions for the first time since same-day service was introduced, according to data released Wednesday by Nacha, the governing body for the ACH. “We’re …
Read More »Why the Business-to-Consumer Payout Market Is a Hot Payments Niche
Business-to-consumer payouts are attracting a small but growing cadre of payment processors and fintechs eager to exploit a multi-trillion-dollar market where checks and automated clearing house direct deposits have a heavy presence, according to a new report. The report from Aite Group LLC analysts Talie Baker and Erika Baumann identifies …
Read More »New U.S.-China Trade Deal Provides for U.S. Payments Expansion in China
The newly-signed trade agreement between the United States and China, the number-one and number-two global economies, respectively, finally provides an avenue for U.S. payments firms to operate independently in China. Joint payments ventures with a local Chinese partner have long been the norm, but the new U.S.-China trade agreement—signed Jan. …
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